Myan­mar opens arms for the first for­eign com­pany to build an oil and gas sup­ply base

Mizzima Business Weekly - - CONTENTS -

MOSB Lim­ited (MOSB), has re­ceived ap­proval from the Myan­mar In­vest­ment Com­mis­sion (MIC) on 11 July, 2017 to build and op­er­ate a sup­ply base in Mon State, with the en­dorse­ment from the Min­istry of En­ergy.

The es­tab­lish­ment of a sup­ply base will sup­port the fast-grow­ing oil and gas in­dus­try in Myan­mar and pro­vide nec­es­sary in­fra­struc­ture, health, ed­u­ca­tion and em­ploy­ment op­por­tu­ni­ties to those in the re­gion. This will fur­ther ad­vance the in­dus­try by re­duc­ing travel dis­tances and in­creas­ing ef­fi­ciency.

“The planned off­shore sup­ply base would re­duce the trav­el­ling time for oil and gas com­pa­nies with Myan­mar op­er­a­tions, which would oth­er­wise have to travel to Sin­ga­pore or Thai­land,” said Mr. Leonard Oh, Ex­ec­u­tive Chair­man of MOSB.

MOSB is com­mit­ted to the growth of Myan­mar and to sup­port­ing the com­mu­ni­ties in Mon State. As part of the project, MOSB will in­vest in the de­vel­op­ment of wide-rang­ing in­fra­struc­ture and im­prove­ments to ex­ist­ing trans­porta­tion and telecom­mu­ni­ca­tion link­ages. Ad­di­tion­ally, MOSB has plans to pro­vide ed­u­ca­tional, med­i­cal and so­cial ser­vices to en­hance the net­work for busi­ness growth and eco­nomic de­vel­op­ment which will ul­ti­mately ben­e­fit the en­tire coun­try.

U Zaw Min Oo, Vil­lage Head of Wae Ka Li Vil­lage, Mon State said, “I am very happy and wel­come this project be­cause I be­lieve it will sup­port the lo­cal com­mu­nity to im­prove trans­porta­tion, ed­u­ca­tion and health as well as elec­tric­ity which we need now. Our lo­cal peo­ple will not need to leave the vil­lage and travel far for jobs as the project will cre­ate a lot of job op­por­tu­ni­ties for us. This project will def­i­nitely im­prove our stan­dard of liv­ing in many dif­fer­ent ways.”

This will be the first for­eign per­mit for a Sup­ply Base for Myan­mar, ap­proved by the Min­istry of Elec­tric­ity and En­ergy.

MOSB com­pany rep­re­sents a joint ven­ture be­tween Two Fish Sup­ply Base Lim­ited of Myan­mar and 2 Fish (SG) Pte Ltd of Sin­ga­pore. MOSB is 80% owned by 2Fish (SG) Pte Ltd of Sin­ga­pore. This is an­other ef­fort by Sin­ga­pore com­pa­nies to cre­ate a joint ef­fort to as­sist with the growth of the Myan­mar econ­omy.

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